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President Buhari of Nigeria bans Palm oil Import, as the Central Bank of Nigeria distributes N30bn to producers. He also, directed the apex bank to include palm oil among the banned 42 items and to prosecute firms, owners and management that violated the order by importing the product into the country.
Trading Economics reported that,
imports to Nigeria rose 2.6% year-on-year to NGN 1002 billion in March 2019, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Imports in Nigeria averaged 227104.84 NGN Millions from 1981 until 2019, reaching an all time high of 2209385.78 NGN Millions in August of 2018 and a record low of 167.88 NGN Millions in May of 1984.
It is a constitutional taboo from the executive proclaimation of the Federal Republic of Nigeria for any company or individual to import palm oil into Nigeria, so as to boost local production and create more jobs. The presidential directive was disclosed yesterday by the governor of the CBN, Mr Godwin Emefiele.
Emefiele in a statements made yesterday at a press conference, reveals that, the main motive behind the ban is to grow the economy and provide jobs for more Nigerians,
we must go back to palm oil production explained that he has a new presidential directive to focus on the massive production of 10 commodities: rice, maize, cassava, tomatoes, cotton and so on.
The CBN boss said that,
the presidential directive mandated the CBN and other relevant government agencies to expand, support people who want to expand the products in Nigeria.
The entire textile value chain, oil palm, pottery, fish, livestock and cocoa in Nigeria, adding that, “this is the programme we will be embarking upon in the next couple of years.